Polkadot Price Prediction: DOT Must Overcome This Resistance to Flip Bullish as Analysts Eye Decisive Breakout
Polkadot’s (DOT) price trajectory has comprised noticeable shifts in the current crypto market. Various experts, including The Cryptomist and Planfomo, have shared their insights. Moreover, they predict potential bullish trends against a backdrop of significant resistance levels.
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Expert Insights and Predictive DOT Analysis
The Cryptomist shared their insights on Polkadot (DOT), highlighting profits from an earlier post. They mentioned taking precautions by securing profits while waiting for a 4-hour bullish divergence on Bitcoin. According to them, Polkadot is primed for significant movement once Bitcoin stabilizes or finds its bottom.
Analyst Planfomo also provided analysis on Polkadot, noting that it has been overlooked. They observed that DOT found some support and formed a potential falling wedge pattern on the daily timeframe. They believe a breakout could lead to a full send, emphasizing the importance of this technical formation.
Both analysts agree on key resistance levels for Polkadot. The Cryptomist plans to add more if resistance is broken. Additionally, Planfomo identified resistance zones between $6.5-$7.0 and $8.5-$9.4. Overcoming these zones is crucial for Polkadot to change its market structure and regain momentum.
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Show more +Polkadot Price Analysis
An analysis Polkadot’s (DOT) price chart on TradingView showed signs of market indecision at the time writing. The daily chart reveals a small body with long wicks, indicating a balance between buyers and sellers.
However, the overall trend remains bearish, with the price below the 200-day Exponential Moving Average and the weekly Simple Moving Average sloping downward.
DOT’s indicators suggest a potential short-term upward movement despite the bearish trend. The RSI at 38.47 nears oversold territory, hinting at a possible bounce soon. The MACD’s bullish crossover could signal a buying opportunity. Support at 5.364 and resistance at 5.741 and 6.057 are crucial levels to watch.
The 200-day EMA at 7.047 emphasizes DOT’s ongoing downtrend. Bollinger Bands show DOT’s price near the lower band, indicating it might be oversold. Volume analysis reveals weakening selling pressure with a trading volume of 785.974K. This aligns with the possibility of a short-term reversal.
Moreover, Bollinger Bands further illustrate market sentiment with the upper band at 6.750, middle at 6.057, and lower at 5.364. DOT touching the lower band suggests a potential bounce. Besides, volume analysis supports this as it shows weakening selling pressure. These indicators collectively point to a possible upward movement soon.
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Key Levels to Watch
Support and resistance levels play a crucial role in DOT’s price action. The lower Bollinger Band around 5.364 serves as a critical support level for the token. Resistance is encountered near the weekly SMA at 5.741 and the middle Bollinger Band at 6.057.
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